Filed under: Venture capital industry, Investments

GodTube has reportedly received a $30 million investment from hedge fund GLG Partners, according to PaidContent. The news came on Sunday, unsurprisingly.

GodTube is a swiftly growing Christian on the internet video sharing and social networking website and previously received $2.5 million in funding, some from private investor Norm Miller of Interstate Batteries.

The site now has 2 million users per month and was launched less than a year ago in Dallas. CEO Chris Wyatt formerly acted as an executive producer at CBS.

While $30 million sounds like a big amount, the costs of broadband make it a normal investment for comparable video sharing sites. Recently, GLG invested in digital media companies Glam Media and Spinvox. This round of funding for GLG Partners is $150 million.

Also according to the article in PaidContent, GLG Partners and GodTube each declined comment on the rumored investment.

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This entry was posted on Thursday, May 29th, 2008 at 10:20 am and is filed under Investments and Raising Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.